13F filing recap · Q2 2025

What did Trian Fund Management buy in Q2 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$3.79B

Positions

Estimated turnover

6.8%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Trian Fund Management trimmed several positions during the quarter. It substantially reduced its stakes in Invesco, U-Haul Holding Company, and Allstate. The firm also slightly increased its holdings in Wendy's and Ferguson Enterprises.

Increased positions

WENWendy'S Co$347.57Mreported value+11.1K shares+0.0%FERGFerguson Enterprises Inc.$236.55Mreported value+77.6K shares+7.7%

Reduced positions

IVZInvesco Ltd.$230.69Mreported value-8.54M shares-36.9%UHALU-Haul Holding Company$21.40Mreported value-298.7K shares-45.8%ALLAllstate Corp$20.12Mreported value-217.7K shares-68.5%UHAL.BU-Haul Holding Company$18.38Mreported value-786.7K shares